NEW data from the Australian Bureau of Statistics has found home loan demand climbed steadily higher over the month of November.
According to the November Housing Finance Data, 56,798 home loans were approved over the course of the month - up 1.8% from 55,796 in October.
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And it wasn't just the total number of home loans approved that increased, with the data showing the total value of all home loans written grew 1.8% over the course of the month.
"In November, more than $33 billion worth of home loans were written," Mortgage Choice chief executive officer John Flavell said.
"This spike in both the number and value of all home loans written can largely be attributed to the growth in lending for owner occupied housing."
As per the data, the total value of all owner occupied home loans written was $21.753 billion - up 2.4% on the month prior.
Meanwhile, the total value of investment loans written climbed 0.7% over the course of November.
Mr Flavell said the slight uptick in the value of investment loans written was surprising given that Australia's lenders have made some sweeping changes to their investment policy and pricing in recent months.
"Last month, we saw a significant drop in the total value of investment loans written - a drop we attributed to the recent investment lending changes," he said.
"This month, we have seen investment lending increase slightly, which is very pleasing as it suggests the housing market remains robust."
Mr Flavell said he was also pleased to see a spike in the total value of owner occupied loans written, as research conducted by RP Data had shown that property values across the combined capital city fell throughout the month of November.
"In November, property values across the combined capital cities fell 1.5%. Sydney and Melbourne led the charge, with the capital cities recording a 1.4% and 3.5% fall in values respectively," he said.
"Despite this, the total value of all home loans written remained strong, which is a really good sign for the future.
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